Lenskart IPO Day 1 Subscription Status: Should You Apply?

Lenskart Solutions Limited has recently launched its new IPO (Initial Public Offering) in the Indian primary market today. The IPO will remain open until 4th November 2025 and the subscription period of the Lenskart IPO will be from 31st October to 4th November. The tech-focused eyewear company, Lenskart, has declared the IPO price range from Rs 382 to Rs 402 per equity share. This book-building issue will be listed on the BSE and NSE. The company plans to raise Rs 7,278.02 crore from the Lenskart IPO, which includes both new shares and an offer for sale (OFS).

Lenskart IPO GMP today

Ahead of its market debut, Lenskart’s grey market premium (GMP) opened strong. Market observers report that the company’s shares are trading at a premium of Rs 48 in the unlisted market, indicating an estimated 12% listing gain for investors at the upper price band. This reflects strong investor demand and high anticipation ahead of listing.

Lenskart IPO valuations

Prashanth Tapse, a Senior Vice President of Research at Mehta Equities, said that Lenskart is looking for a valuation of about Rs 70,000 crore for its upcoming IPO. This valuation seems to assume that the company will make profits in the future, which is uncertain based on its current financial situation. Although Lenskart is seeing strong revenue growth, its profit margins are low. This is due to high costs for marketing, acquiring customers and ongoing investments in expanding retail stores and logistics.

Lenskart IPO subscription status

By 10:36 AM on the first day of bidding, the public issue had received a modest response, getting 0.06 times subscription overall. The retail investor category was subscribed to 0.25 times, while non-institutional investors (NIIs) booked 0.06 times. Market participants expect more substantial traction from institutional buyers in the next few days as subscription momentum picks up.

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Lenskart IPO details

GMP Today:Trading at Rs 48 premium in the grey market.
IPO Dates:Open from 31 October to 4 November, 2025.
Price Band:Rs 382 – Rs 402 per share.
Total Issue Size:Rs 7,278.02 crore, including a fresh issue of Rs 2,150 crore and an OFS worth Rs 5,128.02 crore.
Lot Size:Minimum application of 37 shares per lot.
Allotment Date:Expected on 6 November 2025.
Registrar:MUFG Intime India Pvt Ltd.
Lead Managers:Kotak Mahindra Capital, Morgan Stanley India, Avendus Capital, Citigroup Global Markets India, Axis Capital and Intensive Fiscal Services.
Listing Date:Tentatively scheduled for 10 November 2025.

Lenskart IPO: Apply or not?

Experts remain divided but cautiously optimistic. Prashanth Tapse, Senior VP of Research at Mehta Equities, highlighted that Lenskart’s Rs 70,000 crore valuation appears forward-looking given its thin profit margins and heavy marketing spends. The company’s rapid growth is encouraging, but sustained profitability will be key to justifying its lofty valuation.

Despite the valuation concerns, several brokerages see potential. Marwadi Financial Services recommends a ‘Subscribe (With Caution)’ rating for Lenskart, highlighting its strong position in India’s prescription eyewear market. They noted that with an annual earnings per share (EPS) of Rs 1.41 (as of June 2025) & a price-to-earnings (P/E) ratio of about 285 times, the IPO is expensive. However, they believe it has potential due to the company’s market dominance and growth opportunities.

Meanwhile, Ventura Securities shared a ‘Buy’ recommendation, highlighting a strong turnaround in financials. For FY25, Lenskart reported revenues of Rs 6,652.5 crore, a sharp rise from the previous year & a net profit of Rs 295.6 crore compared to losses earlier. The company also achieved an EBITDA of Rs 971.1 crore with a healthy 14.7% EBITDA margin, driven by efficient cost management and expanding offline presence.

Lenskart’s IPO offers exposure to India’s fast-evolving eyewear market, led by a tech-first brand with growing profitability and nationwide reach. However, given the rich valuation & thin margins, experts advise a strategic and cautious approach. Retail investors seeking long-term growth may consider applying, but short term investors should watch subscription trends and grey market cues closely before making a move.